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Art Collecting Today: Market Insights for Everyone Passionate about Art Hardcover – 20 Apr 2017
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“The latest in Allworth’s series on the nuts and bolts of the art world, Mr Woodham’s book is an elegant, amusing and perceptive guide to a market that is (often) long on hocus-pocus and short on transparency.” ―THE ECONOMIST
“Several books about the notoriously opaque art market claim to be user-friendly, but Doug Woodham, who was president of Christie’s Americas between 2012 and 2014, may be the first to produce a truly hand-holding guide.” ―THE FINANCIAL TIMES
“Mr. Woodham’s book contains startling information about the number of people in the market for the world’s most expensive art.” ―THE NEW YORK TIMES
“Doug Woodham deftly explains how a sixty-billion-dollar marketplace works. It is beautifully written―clear, concise, and free of art-world jargon. A must-read at all levels of collecting.” ―VIK MALHOTRA, Chairman of the Americas and Senior Partner, McKinsey and Company
“This book is a gem. It is full of great stories and surprises for both specialists and general readers. It is brimming with practical advice for how collectors can best navigate the complex world of modern and contemporary art.” ―LAURIE TISCH, Co-chair of the Board of Trustees at the Whitney Museum of American Art, President of the Laurie M. Tisch Illumination Fund
"An intelligently written and insightful book on the art market, this fascinating read is relevant to both newcomers and seasoned collectors alike. I know of no other comparable book. It’s an instant classic.” ―DON MARRON, Trustee and President Emeritus of the Museum of Modern Art, Chairman and Founder of Lightyear Capital
“For anyone who cares for or is just curious about art, Doug Woodham is an astute, lively, and entertaining guide who tells you candidly how the art world works, how it’s changing, and how to get engaged. Art Collecting Today presents his wealth of knowledge in a crisp, accessible, and fascinating form.” ―MELISSA BERMAN, President and CEO, Rockefeller Philanthropy Advisors
“This thoughtful volume is one of the few that explores the entire ecosystem of the art market―auction houses, art fairs, advisors, galleries, artists, and museums. Woodham aims to make the market more accessible and rightly foregrounds passion, quality, and connoisseurship as the jumping off point for collecting.” ―ADAM WEINBERG, Alice Pratt Brown Director, Whitney Museum of American Art
"A 'must' not only for collectors, but for artists who would better understand what makes art valuable.... Anyone interested in the making, buying, or selling of art should have this book at hand for an in-depth review of the latest market forces affecting its sale and value." ―DONOVAN'S BOOKSHELF
About the Author
Doug Woodham brings a unique perspective to the art market from his lifelong interest in art, business, and collecting. A trained economist with a PhD from the University of Michigan, Woodham served as president of the Americas for Christie's, the international auction house. He is currently on the board of the arts venture Twyla. Earlier in his career, he was a partner with McKinsey and Company, working primarily with asset and wealth management clients. He continues his advocacy for collectors by advising private clients on legacy planning associated with their art collection, including helping them to asses alternative disposition strategies. Woodham and his wife, who are based in New York City, are avid collectors with a focus on drawings by artists associated with minimalism, conceptualism, and land art.
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The author was eminently qualified to write the specific book: a trained economist with a PhD from the University of Michigan, he served as president of the Americas for Christie's, the international auction house. Earlier in his carrier, he was partner with McKinsey and company, working primarily with asset and wealth management clients. Additionally, he and his wife are enthusiastic collectors focusing on drawings by artists associated with minimalism, conceptual ism, and land art.
The author explains that he wrote the book to help open the world of art to more people. The book reflect his experiences in the world of finance, the art market, and collecting. The book also draws on interviews he conducted in 2015 and 2016 with close to one hundred collectors, lawyers, art advisers, gallerists, and auction specialists in the United States and Europe.
The stories he relates in the book are real, only the names are fictitious to maintain confidentiality and anonymity.
A gratifying development with the evolution of on line and social media networks is that interested individuals can now view images of artists both living and deceased; conversely, artists have followers in social media networks. Additionally, interested individuals can view the relevant standing of significant galleries, auction houses, and art fairs along with the standing of artists both living and deceased.
The author observes the present shifting of interest in the art market towards post war and contemporary art with a corresponding decrease in modern art and the old masters.
He also notes the ascending interest in art in general which he attributes to the increased level in higher education.
Case studies of new collectors are presented along with financial arrangements between a seller of art and the corresponding gallery or auction house.
He also discusses the question of authenticity and the development of a catalogue raisonne which includes all authenticated works for a specific artist.
Finally he discusses the condition of an art work e.g the reduction in price of a painting with cracks or repainted parts.
The book would be particularly interesting to prospective art collectors and sellers and those interested in art and the art market.